The year 2025 has come. People celebrate the beginning of the new year. But, this is also an opportunity to make a new beginning by taking lessons from last year. You need to make 5 promises to yourself on this occasion. With this you will never have to face shortage of money in future. Let us know about these promises.
I will continue investing through SIP whether the market rises or falls.
It is natural to be afraid of a fall in the market. But, due to this decline, it is not right to stop SIP of mutual funds or sell your investments in mutual funds. The decline in the stock market started in October 2024. This continues till now. Many people have stopped their SIP. But, you should not make this mistake even by mistake. It is very important to continue investing through SIP to build a large corpus in the long run.
I will increase my SIP amount every year
If the SIP investment amount is increased a little every year, it has magical effects. If you have invested Rs 10,000 every month through SIP in 2024, then you must increase this amount by at least 25 percent in 2025. This will make it much easier to build a larger fund in the long run.
I will review my insurance cover
If you already have life insurance and health insurance then it is good. You will have to review both. This is because it is important to change your insurance cover as your income and responsibilities change. If your insurance cover is not sufficient for your current income and responsibilities, you will have to increase it by taking a top-up policy.
Do not invest in unregulated instruments
Avoid investing in unregulated products and schemes. If you are investing in any cryptocurrency, then you once again need to understand that this investment is risky. If you have any further problem then there will be no platform available for you to complain. Generally, in the greed for higher returns, people invest in such schemes and instruments which are not regulated.
I will not fall prey to loan schemes
Now taking loan has become very easy. Fintech companies have a big role in this. Many people are unable to stop themselves from taking advantage of schemes like ‘Buy Now, Pay Later’. Some people are unable to stop themselves from using credit card loan offers. But, it can trap you in debt trap. Therefore, in the new year, you should think about taking a loan only when it is absolutely necessary.